Vilamoura World, the master developer leading and promoting investment into the Portuguese Algarve, has unveiled a €10 million development as the first stage in one of the largest real estate and leisure projects in Portugal.
L’Orangerie Phase II is the first development announcement to be made under the new 400 hectare Master Plan for Vilamoura, which will overall deliver 5,000 homes across 18 development assets in the next 10 years. While marketing other turnkey assets to investors and developers, Vilamoura World are undertaking and leading the L’Orangerie project themselves, with the gross development value of this project estimated to be €10 million.
Revealing L’Orangerie Phase II, Vilamoura World CEO Paul Taylor announced on-site construction will start in January 2016. Sales for these units will commence off-plan from January, and work on the site is due to be completed in summer 2017.
The L’Orangerie is part of the Vilamoura Golf lifestyle theme. L’Orangerie is a gated community set in an area of 70,000 sqm and surrounded by the Victoria and Millennium golf courses, offering residents prestigious golf courses on their doorstep, with communal swimming pools and gardens already built.
L’Orangerie’s low-density construction plan consists of 93 units including villas, townhouses and apartments. The Phase II development sits within a plot of 21,569 sqm and comprises a gross construction area of 5,800 sqm. The project is an extension to the hugely successful L’Orangerie Phase I, which has now almost sold out of units.
Phase II will provide 32 units spread across:
Properties will be built to a high quality specification and maximize the potential for outdoor living while providing a natural link between outdoor and indoor spaces. The exteriors follow a clean and simple design, reflecting the very best in contemporary architecture.
Paul Taylor commented: “Vilamoura World has a strong vision for the area over the next decade. Beginning construction work on the second phase of the L’Orangerie development clearly cements our commitment to transform Vilamoura into the leading resort destination in the Algarve. This is just the first step in an exciting journey, and we’re proud to be at the front of the pack and leading the charge of investment into the location.
“Since launching our Master Plan, we have experienced high levels of international interest in our development assets, particularly from British, Swedish, German, and Chinese investors. The nascent economic recovery in Portugal is attracting global attention and respect, and this investment strengthens Portugal’s position as a real estate stronghold in Southern Europe.”
Vilamoura World www.vilamouraworld.com
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